Champions Group strikes $2.5 billion Blackstone deal

The deal marks the first major platform-level residential HVAC transaction since May 2025

Champions Group

Image: Champions Group

Residential HVAC, plumbing, and electrical platform Champions Group will be acquired by private equity giant Blackstone, the companies announced Tuesday. 

Why it matters: The deal marks the first major platform-level residential HVAC transaction since May 2025, when Redwood Services received a majority investment from Altas Partners in a ~$1.1 billion deal, as Homepros previously reported

What’s happening: The transaction values Champions Group at approximately $2.5 billion, based on an annualized EBITDA figure of roughly $140 million at a multiple of around 18.5x, according to people familiar with the matter, who requested anonymity as the financials are confidential. 

  • Investment banks William Blair, Piper Sandler, and Baird advised on the deal. Representatives for Champions Group declined Homepros’ request for comment, and Blackstone didn’t return a request for comment. 

Zoom out: In 2021, private equity firm Odyssey Investment Partners acquired California-based Service Champions, which had grown to include several other contracting brands since its founding in 2000, for an undisclosed sum. 

  • Two years later, in August 2023, the company rebranded as Champions Group and now operates 23 brands with a primary focus on the Southwest, according to its website. 

What they’re saying: “With Odyssey’s backing, we built one of the premier home services companies by empowering local leaders, investing in great teams, and earning customer trust,” Champions Group CEO Frank DiMarco said in a statement. 

  • “As we enter our next phase, we believe Blackstone’s resources and expertise will help us accelerate growth, strengthen our market leadership, and continue raising the bar for the home services industry,” he added. 

Looking ahead: Odyssey and Champions management will retain “significant” minority stakes, according to the announcement. The transaction is expected to close in the coming months. 

The big picture: The deal, which ends the nearly year-long dry spell, could set the stage for similar platform-level transactions this year, several sources say.

Keep reading

December temperature outlook shows North-South split

December temperature outlook shows North-South split

The National Weather Service forecasts temps leaning below normal across the North in December, and above normal across the South

June’s most popular stories

June’s most popular stories

A 13-page industry report, an inside look at Service Experts' leasing model, a $75 million payout, and more